Big screen safe despite firm's sale

LEIGHTON KEITH
Last updated 05:00 28/03/2014

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Sport Taranaki's says its community-funded big screen is safe despite the company entrusted to manage the asset going broke.

MonstaVision, which had managed the 40 square metre screen for Sport Taranaki since 2009, was placed into receivership in September and in October sold for $941,000 to competitor Oceania LED.

A report from receiver KordaMentha said reducing revenue and a significant debt burden hampered the company's ability to grow and renew its rental LED screens.

Sport Taranaki chief executive Howie Tamati yesterday moved to reassure the Taranaki community the screen remained in its ownership.

"We own the screen so we are not in a position to lose the screen," Mr Tamati said.

"It hasn't affected any of the community events that we are involved in."

The screen was used at last weekend's ITU world cup sprint race in New Plymouth and has been used at horse racing meetings around the region since MonstaVision went into receivership.

Mr Tamati said while Sport Taranaki was owed money by Monsta-Vision it had been able to negotiate a new contract with Oceania LED to manage the screen.

"From our perspective nothing has changed, it's business as usual and we have no worries in regard to us being owed any money by the new company.

"Our board is comfortable that the new contract we have doesn't leave us out of pocket."

He would not say how much money Sport Taranaki was owed by MonstaVision.

Murray Wright, Oceania LED sales and business development manager, confirmed the company had bought MonstaVision, which included the contract to manage the big screen.

The big screen was bought in 2006 after the TSB Community Trust made the largest single donation in its history of $1.15 million.

The management of the screen was transferred from iTaranaki to Sport Taranaki in 2009 who then enlisted the help of Auckland company MonstaVision to market the asset.

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- Taranaki Daily News

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